Q2 proved a rarity. Usually it was Apple, Inc. (AAPL) who left analysts moderately bullish forecasts looking like silly bears. But in Q2 Apple saw the analysts scoring a win, as its sales fell short of expectations.

It hopes to right the ship with the iPhone 5, which according to numerous sources is rumored to be announced on Sept. 12. An October or late September launch will likely follow.

Much is already known about the iPhone 5, Apple's sixth generation smartphone. It will pack a bigger screen, an LTE modem, more DRAM, and a slightly faster processor. But it offers much less improvements in the user interface department managing only baby steps with iOS 6.

As Google Inc. (GOOG) begins to roll out devices with the super-slick Android 4.1 "Jelly Bean" on board, it remains to be seen whether Apple's modest hardware upgrades and bare-bones software updates are enough to keep up.